Cornish Metals has completed a fundraising round, securing £135m ($181m) before expense through the issue of 225 million new ordinary shares to support the South Crofty tin project in Cornwall, UK.
This fundraising package comprises a placing, several subscriptions and a retail offer.
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The move enables the company to move forward with the final investment decision, subject to approval from shareholders at an upcoming General Meeting.
The fundraising structure involved a conditional placing of 33,977,873 shares, generating £20.4m, a conditional subscription for 181,002,661 shares that raised £108.6m and the conditional issuance of 10,019,466 shares under a retail offer, bringing in £6m.
Among those participating in the subscription, UK National Wealth Fund invested £41.7m for 69,541,666 shares, while VBR provided £39.3m for 65,441,010 shares.
Glencore subscribed for 18,718,319 shares, raising around £11.2m, and Leonidsport acquired 22,250,000 shares for £13.4m.
Certain company directors and other investors contributed £3m in total.
Peel Hunt and Berenberg acted as joint bookrunners, while SP Angel and Hannam & Partners were engaged as placing agents.
Endeavour Financial served as financial advisor in relation to both the Glencore subscription and the related offtake agreement.
Cornish Metals focuses on mineral exploration and development in the UK, with its primary efforts centred on the wholly owned and permitted South Crofty tin project.
First production at South Crofty is anticipated in 2028.
Cornish Metals CEO Don Turvey said: “We are delighted to have completed this fundraise, which completes the financing package for the construction of South Crofty through to first tin in mid-2028.
“I would like to thank our existing shareholders, Vision Blue and the National Wealth Fund, for their continued support, and to welcome our new investors, including our offtake partner Glencore and Leonidsport.
“We were also very pleased to see such strong support from the retail community, and we look forward to keeping all our stakeholders closely involved as the project progresses.”
